SOUTH Africa’s rand barely budged on Monday, reflecting caution seen across currencies around the world ahead of the U.S. presidential election.
At 1500 GMT the rand ZAR=D3 was 0.3% weaker at 16.2850 per dollar, having opened at 16.2575 and hovered around the level for most of the session with investors avoiding any major bets.
Democrat Joe Biden holds a national lead over President Donald Trump ahead of Tuesday’s poll, but Trump has stayed competitive in the swing states that could decide the White House race.
Locally, with last week’s budget speech disappointment in the rear view but ratings reviews still to come, economic data showing South Africa’s recovery remained tentative failed to move the currency in either direction.
The Absa Purchasing Managers’ Index (PMI) recovered further in October, recording its sixth straight month in expansionary territory, but businesses said they feared the impact on exports of the COVID-19 resurgence in
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